An Arsenal recruitment source has saidthat the bid was worth £4million including performance related add-ons.

Liverpool will battle Arsenal and a string of other leading Premier League clubs including Tottenham for Chilwell in the summer, while the Merseysiders are also closely monitoring Guerreiro, 22.

The Portugal international is rated in the £5million bracket following an impressive campaign for Lorient, making 33 appearances in all competitions.

Guerreiro has only 16 months remaining on his contract and the French club may be forced to cash in if he does not extend his deal.

Leicester have opened discussions with Chilwell’s representatives about extending his contract, which also runs until the summer of 2017.

The Premier League leaders are ready to up the academy graduate’s deal from £800-a-week to £8,000-a-week in a bid to keep him.

Blue-eyed boy: Chilwell is being monitored by the elite clubs

However, Chilwell may decide to sit tight and wait until the summer, by which time he will have just 12 months remaining on his deal and would be in a stronger position to force a move.

The England Under-20 international spent the first half of the season on loan at Huddersfield and then started both legs of Leicester’s FA Cup third-round clash against Tottenham but he has not played since 20 January.